SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a two-tenant retail property in South Holland, a southern suburb of Chicago. The center is home to Chase Bank, which recently executed a lease extension, and CD One Price Cleaners. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. The buyer completed a 1031 exchange.
ELMHURST, ILL. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired a senior living community in Elmhurst for an undisclosed price. The buyer will rebrand the property as The Roosevelt at Salt Creek and convert it from an entrance-fee model to a rental community offering both independent living and assisted living. Life Care Services will manage the community and help facilitate its multi-year renovation. The transformation will include building out common areas with a new design and broadening programming options for residents. Amenities will include an indoor pool, cinema, art studio, game room and sports lounge. The property was formerly named Lexington Square Senior Living.
LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.
CHICAGO — Structured Development has opened Wendelin Park, a new mixed-income housing community and park in Chicago’s Lincoln Park neighborhood. Replacing a former industrial site, the Wendelin Park development includes three residential buildings oriented around a new publicly accessible park. The master plan includes The Seng, a 34-unit affordable condominium building and Post Chicago, a co-living community with 431 beds. Foundry, a 27-story, 327-unit apartment tower, is under construction and scheduled to open in the fourth quarter. The new park features a community garden, dog park, children’s climbing and play area and 20-foot sculpture from Chicago artist Ruth Aizuss Migdal. Attending the grand opening celebration were descendants of Wendelin Seng, founder of the Seng Furniture Co., which previously occupied the project site.
CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.
LAKE ZURICH, ILL. — Principle Construction Corp. has completed a 13,500-square-foot apartment and retail building in downtown Lake Zurich, a far northwest suburb of Chicago. The brownfield redevelopment project at 17 S. Old Rand Road was made possible by the consolidation of several vacant lots from previously demolished, outdated retail buildings. The new development includes 6,750 square feet of first-floor commercial space and four luxury apartment units. The anchor tenant is Lake Zurich Florist, which is doubling its retail footprint. All four apartment units are occupied. Muran Architects designed the building.
CHICAGO — Owner Accesso has secured nearly 60,000 square feet of office leases at Monroe Plaza in Chicago. Signing new leases were JFMC Facilities Corp., the real estate arm of the Jewish Federation of Metropolitan Chicago, and PartsTrader, a cloud-based parts procurement platform for the collision repair industry. Signing renewals were Great American Insurance Group, Intersect Illinois, Rex Electric and EFG Group LLC. Mason Taylor, Karoline Eigel and Paige Krueger of Cushman & Wakefield represented Accesso in the leases.
EVANSTON, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Church Street Plaza in Evanston for an undisclosed price. The 9,589-square-foot retail center is located on Church Street and his home to Semper Laser, Pure Barre, Noodles & Co., CycleBar and Big Wig Tacos. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, GW Properties. The buyer was SW Neighborhood Centers II, an affiliate of Shannon Waltchack, an Alabama-based commercial real estate investment firm.
SCHAUMBURG, ILL. — Primient, a producer of food and industrial products from plant-based, renewable sources, has signed a 23,725-square-foot lease at Woodfield Preserve Office Center in the Chicago suburb of Schaumburg. Zeller owns the 29-acre office campus, which totals 325,000 square feet across two buildings. Each building features a full set of amenities such as a café, fitness center, conference center, game room, mother’s room, bike storage area and tenant lounges. There is also a new courtyard with shaded pergolas and seating. William Elwood, Rob Graham and Adam Lawler of CBRE represented Zeller, while Paul Diederich of CBRE represented the tenant. JC Anderson is completing the interior build-out for Primient.
NAPERVILLE, ILL. — Eaglestone Manufacturing has signed an 85,608-square-foot industrial sublease at 1560 Fronternac Road in the Chicago suburb of Naperville. Eaglestone is a manufacturer of production line equipment such as conveyor belts and sorting systems. The property was constructed in 1988 and features a newly renovated 4,500-square-foot office space as well as a clear height of 22 feet, six interior docks, two drive-in doors and ample parking. Eaglestone expects to take occupancy in the fourth quarter. Mandy Lewandowski and Luke Ferzacca of DarwinPW Realty/CORFAC International represented the undisclosed sublessor. Nick Eboli and Andrew Block of Lee & Associates represented Eaglestone.
